Chennai: ING Group has sold its 3.06 per cent stake in Kotak Mahindra Bank. Subsequent to the stake sale, Mark Newman, a non-executive non-independent director at Kotak Bank has resigned with immediate effect.
ING Mauritius Investments held about 3.06 per cent stake, or 58,453,476 shares in Kotak Mahindra Bank as of 31 December 2018, according to data in BSE.
In his resignation letter to the board of directors, Newman said ING Group sold its remaining stake in Kotak Mahindra Bank earlier in the day and he has resigned from the board.
ING Group had merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal concluded in April 2015, the former held 6.5 per cent stake in the merged entity but offloaded some its stake later.